A tripartite agreement was signed by Iraq, Iran and Russia to reduce their oil exports in an attempt to increase its value in market and to confront the declining global oil prices resulting from Saudi Arabia and other countries raising their oil production and exports.

It is worth noting that the three countries seek to convince Venezuela and Oman to sign the agreement.

The plunge in oil prices led to reducing income in many oil-exporting countries as well as threatening the collapse of economic systems in other countries.